Fixed-fee leasehold conveyancing in Caldicot:

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Leasehold conveyancing in Caldicot is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Caldicot and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Top Five Questions relating to Caldicot leasehold conveyancing

I am in need of some leasehold conveyancing in Caldicot. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Caldicot - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

There are only Sixty One years unexpired on my lease in Caldicot. I am keen to get lease extension but my freeholder is can not be found. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you have used your best endeavours to find the landlord. In some cases an enquiry agent may be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court covering Caldicot.

I own a leasehold flat in Caldicot. Conveyancing and Nationwide Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Caldicot who previously acted has long since retired.Do I pay?

First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Caldicot conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two apartments in Caldicot which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Caldicot is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Caldicot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Do you have any advice for leasehold conveyancing in Caldicot from the point of view of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Caldicot can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ representatives.
  • Many freeholders or Management Companies in Caldicot levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Caldicot.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Caldicot leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord approving such works. Where you fail to have the approvals in place you should not communicate with the landlord without checking with your conveyancer first.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Organising a replacement share certificate is often a time consuming formality and delays many a Caldicot conveyancing transaction. Where a reissued share is needed, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.

    • I bought a 1st floor flat in Caldicot, conveyancing formalities finalised 2004. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Caldicot with a long lease are worth £253,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2102

    With only 77 years unexpired the likely cost is going to be between £10,500 and £12,000 as well as costs.

    The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Caldicot